“PUNJAB ON WHEELS” TRAINS WILL TRIPLE EXPORTERS
FROM PUNJAB SAYS MSMEEPC
The dedicated three “Punjab on Wheels” goods trains shuttling between Kandla Port and Punjab will have an unprecedented impact not only in doubling the exports but “tripling the exporters” too particularly from the agro-based and rural land-locked Punjab. This will revive the one-time high enterprising spirit of the State, generate over a lack direct jobs in five years and contribute significantly to the State’s finances.
Welcoming the announcement of introduction of three goods trains by the Chief Minister Bhagwant Mann, the MSME Export Promotion Council and Punjab Chamber of Commerce & Industries (PCCI) said, another 50 to 60,000 new micro and small units could be added to the existing number. As per the NSS 73rd round, Punjab has 14.65 lakh micro ( 14.56 lac) and small units (0.09 lac). These units provide employment to over 24.30 lac people; 4.24 lakh female and 20.55 lac male In terms of the number of MSMEs, the State has slipped to 22nd position among the 36 states/UTs.
The Chairman of the MSME EPC D S Rawat (the former secretary general of Assocham) in a statement issued here today said the MSMEEPC-PCCI and knowledge firm BillMart FinTech have signed a Memorandum of Understanding to provide handholding to the start-ups, and MSMEs. BillMart shall be up-grading the entrepreneurial and technical skills to connect with buyers/sellers globally, technology and credit providers. The MoU was signed by Anju Mehar, MSMEEPC, Dalip Sharma PCCI and Jigish Sonagara of BillMart FinTech.
The three organizations have decided to adopt initially one-district as a “pilot project”, facilitate and equip the micro, small, medium units and start-ups to take competitive and timely credit for growth of their businesses.
Rawat said revival of the entrepreneurship among the youth in the state will automatically make state’s economy vibrant and dynamic at comparatively lower capital cost and becoming complementary to large industries as ancillary units and contribute to inclusive industrial development.
Sadly, a large number of MSMEs have either closed their shutters due to epidemic and many of them are struggling hard to survive. Therefore, the time has come to promote trade finance with a view to introduce a third party to transactions to remove the payment risk and supply risk.
Underlining the need for trade finance, the MSMEEPC chief stated that trade finance provides the exporter with receivables or payment according to the agreement while the importer might be extended credit to fulfill the trade order.
It is estimated that India’s trade finance will be USD 2.75 billion towards the end-2022 and likely to touch around USD 4 billion by 2027 growing at a CAGR of over 7 per cent, whereas global trade finance market, as per the Allied Market Research, valued at USD 44,098 million in 2020 is projected to reach USD 90,212 million by 2030., registering a CAGR of over 7.4 per cent from 2021-2030.
In 2021-22, as per the data released by the DGCIS (as on 1 July 2022) all commodities exports from the state were Rs.529034.3 million; petroleum & crude products Rs.130.8 million, agricultural & allied products Rs.72600.8 million, ores & minerals Rs.625.6 million, manufactured goods Rs.453849.4 million and other commodities Rs.1827.7 million. Therefore, to enlarge the basket of exports, triple the number of exporters double the exports in 5 years, generate one lac direct jobs, need for trade finance has been necessitated, Rawat added.
